Lease Broker FAQ

Find answers to some of the most common questions we get from Brokers like you.

No matter where you are in the process of becoming a TimePayment-authorized Lease Broker or submitting deals, we've got the answers to all your questions.

Initial Broker Program Application Process

1How do I become an authorized TimePayment Broker?
Submit a Broker Application for approval. We will respond with a decision to your application within 48 hours of receiving your application.
2Are there fees involved?
No, there are no signup fees of any kind to join our Broker Program and offer your customers a TimePayment Monthly Payment Financing option.
3Why was my application to become an authorized TimePayment Broker declined?

There are several reasons your application may have been decline. Some of the most common causes are:

  • Your credit did not meet our minimum required guidelines
  • Your business is not in good standing with the Secretary of State
4What should I do if my application to become an authorized TimePayment Broker was declined?
Contact Credit Services at 877-868-3800 x1611 to discuss your specific circumstances with a representative. You may simply need to submit additional documentation to TimePayment for your application to be approved.

Submitting Vendor Partners

1How do I submit an application for a new Vendor I am doing business with?
Broker Vendor Application will need to be submitted for each new Vendor you work with.
2How long does it take for a Vendor to be approved?
A Vendor Application will be processed within 2 business days.
3How do I know if a Vendor has been approved?
Once a Vendor is approved, a welcome letter is sent out by our credit department. You can also see all approved vendors on the drop down section of the application entry in TimePayment InfoHub™.
4What should I do if I submitted a lease application for a customer, but forgot to get the Vendor approved first?

If the vendor for the deal isn't yet an authorized TimePayment Vendor, you will have to submit a Broker Vendor Application. If you are at the point in your transaction where you are already creating documents, you can still use ReadyDocs™ to complete your documentation and manually enter the vendor's information.

Please note, if you create lease documents for the deal, and the vendor does not get approved, the deal will only be able to move forward with a new vendor.

Submitting New Deals

1Once I am an authorized Broker, how do I begin submitting deals?
Once you become an authroized Broker, we will send you a Welcome Kit via email. This will contain your login credentials for our online application tool, TimePayment InfoHub™, and invite you to sign up for our free training sessions and webinars. 
2How do I obtain additional logins to my TimePayment InfoHub™ account?
Please Email our Client Services Team with the first and last name, job title, email address, and phone number for each of the employees you wish to have accounts setup for.
3What size transactions will TimePayment support?
TimePayment products support a broad range of transaction sizes. We regularly fund large equipment sales up to $100,000, as well as smaller sales as low as $500.
4How quick is your credit decision process for new deals?

You can receive a credit decision within 2 minutes for transaction less than $10,000 when you are an approved TimePayment vendor and submit an application through our online system, TimePayment InfoHub™.

For transactions above $10,000 you will receive a decision within 4 hours.

Please Note – Applications submitted through TimePayment InfoHub™ need to be completed accurately with your customer’s personal information to meet these turn-around times.

5When does my customer’s credit approval expire?
Credit decisions are valid for 45 days; for Premier Brokers, the approval is valid for 60 days. If it takes longer for the transaction to be completed, we will rescore the credit for you.
6Can my customers take their credit approval and shop elsewhere?
No, they cannot. Credit decisions are transaction specific to your deal, enabling you to offer programs unique to your selling situation.
7Can a non-US citizen personally guarantee a lease / transaction?
Yes, we do accept non-US citizen applicants if you can provide government-issued documentation that shows you are authorized to be in the US for the full term of the transaction.
8What additional information is required for my Sole Proprietor customers’ applications?

TimePayment requires proof of business on all sole proprietors. Acceptable proof of business includes:

  • A business license
  • Secretary of State listing
  • Previously filed tax return – Schedule C
9How do I calculate the taxes my customer will need to pay?
Log into TimePayment InfoHub™ to access our Tax Estimate Tool that you can use to calculate the applicable taxes.
In the states of ME, IL, and NJ, the sales tax must be paid upfront or added to the funded amount on the lease. In all other states the sales tax may be paid monthly. In the state of CT, TX, and WA, there is sales tax due on the documentation fee.
10How do I calculate the loss & destruction fee my customer will need to pay?
You can access copies of commonly used forms, such as Loss and Destruction Fee Schedules, in our Document Library:

Click here for the Commercial L&D Fee Schedule

Click here for the Consumer L&D Fee Schedule

11Where can I find pricing?
You can find our Lease Factor Charts on TimePayment InfoHub™.
12Where can I get a copy of your resale certificate?
Click here to access the resale certificate by state, or visit our Document Library to download a universal PDF version.
13I need a conditional purchase order. Do you have something I can use?

Please fill out a Conditional Purchase Order to match the lease documents and submit with the lease package for review.

You can upload the documents via InfoHub™ including a message to TimePayment, and see a time-stamped record on the Application Details page, or email the documents to brokerdocs@timepayment.com.

14I have a customer that scored an "A" or "AA" and is in a state that allows for a $1.00 buyout; is there an additional document that I need to submit to TimePayment?
If your customer is approved for the $1.00 Buyout, the $1BuyOut Form will be provided to you via TimePayment InfoHub™ and ReadyDocs and should be submitted as part of the funding package. If you are not set up on ReadyDocs, please contact Broker Services by calling 877-868-3800 x 1607 or emailing BrokerInfo@TimePayment.com and we will assist you.
15I submitted an application for a new customer or vendor through InfoHub™, but my customer was declined. Why? What should I do?

Your customer was not approved because they did not meet our minimum credit guidelines. You can add an additional Personal Guarantor or a cosigner to their lease application and resubmit the application for further review.

Companies that have been in business for less than 3 years will require a Personal Guarantor for approval.

To be considered eligible to be a Personal Guarantor on a commercial lease, the person must have ownership in the company or be an officer of the company, depending how the business is structured. For consumer leases they must be a spouse or blood relative.

To have an application reviewed with a cosigner, please send a signed credit application to credit@timepayment.com or fax it to 781.994.4775. Please be sure to reference the original application number with your request and we will add the information for you.

16Will every deal qualify?
We’ve been partnering with equipment Brokers and resellers for over a quarter of a century to accelerate and enhance sales, and we’ve found ways to work with the broadest range of credit quality out there. So, while not every one of your customers will qualify, we expect that more of your customers will qualify through our programs than most other financing options.
17What is your documentation fee?
There are different documentation fees depending on which program a Vendor and/or Broker is on. In some cases the documentation fee will be $250. Our typical documentation fee for Brokers is $125. Please contact us for more information at 1-800-474-7737.

After a Sale / Receiving Funds from TimePayment

1How fast will I be paid?

When we receive your completed lease funding package we quality control the transaction documentation, contact the customer to verify the delivery and acceptance of the equipment, and then pay you.

If we are able to get a hold of your customer prior to 4:00pm PST you will be paid the same day.

We will send your payment in the form of a check via standard mail, or send payment via ACH. Please note, ACH can take 24-72 hours to fully process.

2How do I get paid?

You are paid either through Automated Clearing House (ACH) or by paper check sent via US Postal Mail. Click here to download our ACH Application Form.

Completed ACH forms must be accompanied by a voided check and can be emailed to clientservices@timepayment.com or faxed to 781.994.4775.

3What commission may be made on a transaction?
Up to 15% of the equipment cost can be added. Commission must be added at the time of application entry.
4Does TimePayment conduct site inspections?
Site inspections may be necessary depending on the value of the equipment. It is more common for TimePayment to verify the customer’s acceptance of the equipment via a recorded phone conversation.
5Do you offer progress payments?
We offer our Progress Payment Product to credit worthy Vendors. Please call us at 1-877-938-5231 to see if it is available for your transaction.
6How does your Progress Payment process work?

If we determine you qualify for the Progress Payment Program, your Vendor will sign and return the Vendor Progress Payment Agreement. The completed Agreement, signed by an officer of the company, can be submitted via email to ClientServices@timepayment.com or faxed to 1-781-994-4775.

Once approved for the Progress Payment Program, your vendor will only need to complete the Progress Payment Agreement one time. You will be able to exercise the prefunding option on any transaction going forward. The program allows your vendor to be paid a portion of the transaction, and the remaining portion of the transaction is paid to you and your vendor.

Updating Account / Contact Information

1I am an authorized TimePayment Broker, but the name of my business has changed. How do I update my account?

TimePayment must review business name changes on a case-by-case basis. If your business status has changed (i.e. you were a sole proprietor, but now you are a corporation), you may need to submit a new Broker Application.

If your business name changed but the Tax ID is staying the same, submit proof of legal business name change to clientservices@timepayment.com of fax to 781.994.4775.

If the Tax ID number has changed, a new Dealer Application will need to be submitted and clientservices@timepayment.com will have to be notified of the change. For assistance contact client services at 877.868.3800x 1611.

If we are able to get a hold of your customer prior to 4:00pm PST you will be paid the same day.

We will send your payment in the form of a check via standard mail, or send payment via ACH. Please note, ACH can take 24-72 hours to fully process.

2I am an authorized TimePayment Broker, and my business has moved. How do I update my address on file?
Send a request to update the address with proof of new business address to clientservices@timepayment.com or fax to 781.994.4775.

Still Need Help?

Contact our Broker Services Team for assistance.

Share on LinkedInTweet about this on TwitterShare on FacebookShare on Google+Pin on PinterestEmail this to someone